John Malone: Good morning, we are here with Will Worthington. Will is the CFO of New South Mortgage here in Huntsville; you have been doing this work for a long time helping people save money.
Will Worthington: Good to be here with you John.
John Malone: Well, we want to talk about the fact that New South Mortgage is the only approved HUD lender for the reverse mortgage in the whole state of Alabama.
Will Worthington: Well we are exciting about that program. When I retired from the bank I wanted to do something different for the seniors. If you are over the age of 62 the Home Equity Conversion Mortgage, that is the proper term for it; it’s not the old reverse mortgage there was back 25 years ago John. You can set up a line of credit, you can eliminate your house payment; we are getting a lot of request because we are local right here in Tennessee Valley to answer your questions.
John Malone: Does the government get my house? That’s a big question.
Will Worthington: We get that question all the time. The answer is no, the government does not want your home; it’s just a FHA insured loan like VA or FAJ. So, it’s an exciting opportunity, the line of credit increases for you every single year, you can use it for emergencies. But eliminating a house payment it’s time for the seniors to get something back instead of putting money into their home, this opportunity help them to do that.
John Malone: What if I don’t own any money?
Will Worthington: That’s even better if you don’t own your home right now; you can set up the line of credit on the Home Equity Conversion Mortgage as we said. There is very little income qualification or credit qualification, to make it real easy we are here to answer your questions.
John Malone: These are local folks here; they do it all right here in the Tennessee Valley at
newsouthmortgage.com or telephone number: 256-532-3130.